http://MikesDailyMarketReport.com: The IHS Markit PMI released it's Services and Manufacturing reports for May today. the Services jumped up to 70.1 and Manufacturing climbed up to 61.5. Both exceeded expectations! However, Existing Home Sales continued to disappoint, as it reported a drop from 6.01 million annual units in March to 5.85 million in April. Stocks are in Mixed Territory today, as DOW has been pretty much in positive territory for most of the morning; S&P has been dipping it's toe back a forth; and NASDAQ has been in the Red. A few Fed Members are speaking today. We had one Fed Member whom thought we should discuss tapering sooner than later; but for the most part, the others thought it was too soon to discuss tapering. MBS is currently Up 2bps. With the exception of Wednesday, we've been pretty much unchanged with Mortgage Rates this week. Yields slid under it's 25 DMA yesterday and sit between it's 25 DMA and a Technical floor. It's just under 1.63%.
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